The Clock Could Be Ticking For NETeller
Published: Thursday, February 22, 2007 Online-Casinos.com
THE CLOCK COULD BE TICKING FOR NETELLER
Stock Exchange regulations stipulate that suspension of shares cannot exceed six months
The Isle of Man e-wallet NETeller, which suspended its shares from trading on the London AIM Exchange earlier this year following the arrest of two of its founders and major shareholders could be faced with pressures of time due to stock exchange rule 41, which imposes a limit on the length of time shares can be suspended.
Answering a press enquiry from InfoPowa today, stock exchange officials said that the amount of time an AIM company's shares can continue to be suspended is governed by Rule 41 of the AIM Rules for Companies. This requires that "The Exchange will cancel the admission of AIM securities where these have been suspended from trading for six months."
Exchange officials also commented: "We would also like to note that during the period when the AIM company is suspended we would still expect it to meet its continuing obligations under the AIM Rules and therefore keep the market informed of any further developments concerning its position as required by the AIM Rule disclosure principles."
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